Magazine Article | June 17, 2013

Minimizing Complexities In The Payments World

By Jeff Wakefield, VP of Business Development and Strategic Initiatives, Verifone, Inc.

Complete Solutions for Today and Tomorrow

Until just a few years ago, the payments industry had experienced a gradual and linear pace of innovation. With recent rapid advances in technologies such as smart chips, cloud computing, mobility, and social networks — combined with the consumerization of IT — innovation has exploded. The simple process of payment has transformed into a robust, interactive, and often immersive experience for consumers. As a result, merchants have never had more choice or flexibility for how to engage their customers, nor have they ever faced as much complexity over how to choose and integrate the technologies that make those experiences possible.

Technologies such as EMV, NFC, loyalty platforms, alternative payments, and digital wallets are putting new pressure on merchants who seek to keep up with customer expectations — and to level the competitive playing field — while striving to maintain their core business and to ensure PCI compliance. Many fear these technologies potentially could create unpredictable costs, disrupt operational efficiency, and drive further uncertainty about what matters, what to adopt, and when and how to deploy.

While significant for merchants, this complexity also rings loud for the ISVs and resellers as well. Many feel pressured to become experts in many new areas of technology such as EMV readiness, diluting their focus on their core business. While a strategic advantage for some, many run the risk of being spread too thin and unable to keep up with the pace of change. As a result, their own products may suffer due to a slowing lifecycle or they may be left behind completely.

To help address the key pressure points that a merchant, ISV, or reseller faces — emerging payments, EMV readiness, PCI compliance, loyalty and rewards, and mobility — VeriFone has developed complete solutions that combine hardware, software, and managed services to ease their burden while meeting their unique payment needs today ... and tomorrow:

Forever current, full-service solutions are available to meet the unique needs of VeriFone’s partners and customers. VeriFone can help you ease cost and complexity through its world class devices, estate management, end-to-end encryption and tokenization, PCI scope reduction and compliance, and emerging services — such as wallets, loyalty, or emerging payments — to always equip you with the latest payment technology.

EMV support is offered to ensure that devices are kept up to industry specifications and compliance as EMV launches and matures in the U.S. market.

PCI scope reduction. VeriFone devices are enhanced to manage all card information securely from the device to the gateway through state-of-the-art encryption and tokenization. The point of sale can be removed from PCI Scope which reduces overall risk for the merchant.

Mobility. Whether you need mobile POS, or sleds and audio jack readers for mobile devices such as iPods or tablets, VeriFone provides the flexibility to help you untether your sales team from the desk, giving them greater opportunity to interact with customers on the floor in real time.

This is just a glimpse of what VeriFone has to offer its customers and partners to combat an increasingly complex payment industry. To learn more about these solutions and how VeriFone can help ease your burden of payment complexity, please visit us at RSPA Booth #0U812.